Brian Armstrong

That's why they have such high regulatory overhead, because there can be a run on the bank.

That's why they have such high regulatory overhead, because there can be a run on the bank.

And it gives them a very unique business model.

And it gives them a very unique business model.

They can basically lend it out.

They can basically lend it out.

The old joke is you lend it out at 6%, you pay 3%, and you're on the

The old joke is you lend it out at 6%, you pay 3%, and you're on the

you know, the tee time by three o'clock or whatever.

you know, the tee time by three o'clock or whatever.

But that business model is not available to you unless you have a bank license.

But that business model is not available to you unless you have a bank license.

But in a stablecoin world with 100% reserves, you don't need a bank license for that.

But in a stablecoin world with 100% reserves, you don't need a bank license for that.

And you can give people more money.

And you can give people more money.

Because it's safer.

Because it's safer.

Yeah, and it's not interest, it's a rewards program.

Yeah, and it's not interest, it's a rewards program.